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What the Real Estate Industry Should Know About Millennials

By: SmallBizClub

 

What the Real Estate Industry Should Know About Millennials

Millennials are a group that people love to complain about. They spend too much time on their phones. They take too many selfies. They are destroying the economy with their ridesharing and room sharing. They have too much college debt and they will never be able to buy a house. But are these things really true?

Millennials are digital natives, meaning they have grown up with computers and electronic devices at their fingertips. They are also the most racially diverse and the most highly educated generation in history. These two factors together make them a highly informed consumer base—they know how to use and interpret all the data at their fingertips. When trying to sell them a house or a mortgage, you must take these things into consideration and act accordingly.

While there’s an assumption millennials want to live in cities, it turns out this just isn’t true. Most of them want a traditional house in the suburbs, but these dreams are being delayed. Millennials are graduating with huge amounts of college debt—$30,000 on average—and this combined with stagnating wages and difficulties finding jobs is what’s really holding them back.

In 10 years, millennials will make up 75% of the workforce. Already they represent 68% of first time home buyers. So what are they looking for in a real estate agent? Honesty, trustworthiness, and reputation are the three most important traits in real estate agents according to millennials. The most common reason they want to buy a home is because they want to own a home, not for investments or anything else. Photos and detailed information accessible on a website are the biggest factors in considering buying any specific home. They want single family detached homes with laundry rooms, energy efficient appliances, storage space, and a front porch. Half of millennials want to live within walking distance to restaurants and shops.

Half of millennials want to live in the suburbs. They still want things that other generations have wanted in a home, such as affordability and proximity to work. Neighborhood safety and the community also play a huge part. And more than anything they want 3 bedrooms or more.

Millennials know what they want, and it’s up to real estate agents to meet the customers where they want to be met. Learn more about the digital habits of the first generation of digital natives from this infographic and tap into this huge market!

Millennial_Infographic_By_UpNest_FINAL

NowSourcingAuthorNowSourcing is an award-winning nationally recognized infographic design agency. Founded in 2005, NowSourcing has strong roots in the human and technical nuances of the web.

Published: December 1, 2015
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Source: Upnest

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